3.0.0 5340 2023-03-08T19:58:10Z 2023-03-08T19:58:10Z House HR 2021-09-22 117 [Congressional Record Volume 167, Number 164 (Wednesday, September 22, 2021)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. MURPHY of North Carolina:H.R. 5340.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8 of the U.S. Constitution[Page H5092]]]> hsbu00 Budget Committee House Standing Referred to 2021-09-22T14:02:35Z Intergenerational Financial Obligations Reform Act 117 2548 S 2021-07-29 Read twice and referred to the Committee on the Budget. Identical bill CRS 2021-09-29 Sponsor introductory remarks on measure. (CR H5516) IntroReferral B00100 9 Library of Congress 2021-09-22 Referred to the House Committee on the Budget. IntroReferral H11100 2 House floor actions hsbu00 Budget Committee 2021-09-22 Introduced in House IntroReferral Intro-H 9 Library of Congress 2021-09-22 Introduced in House IntroReferral 1000 9 Library of Congress M001210 Rep. Murphy, Gregory [R-NC-3] Gregory Murphy R NC 3 N J000292 Rep. Johnson, Bill [R-OH-6] Bill Johnson R OH 6 2021-09-22 True W000814 Rep. Weber, Randy K., Sr. [R-TX-14] Randy Weber R TX K. 14 2021-09-22 True B001305 Rep. Budd, Ted [R-NC-13] Ted Budd R NC 13 2021-09-22 True B001311 Rep. Bishop, Dan [R-NC-9] Dan Bishop R NC 9 2021-09-22 True T000480 Rep. Timmons, William R. IV [R-SC-4] William Timmons R SC R. 4 2021-09-22 True W000815 Rep. Wenstrup, Brad R. [R-OH-2] Brad Wenstrup R OH R. 2 2021-09-22 True C001120 Rep. Crenshaw, Dan [R-TX-2] Dan Crenshaw R TX 2 2021-09-22 True W000809 Rep. Womack, Steve [R-AR-3] Steve Womack R AR 3 2021-09-24 False M001190 Rep. Mullin, Markwayne [R-OK-2] Markwayne Mullin R OK 2 2021-10-21 False Economics and Public Finance Economics and Public Finance 00 2021-09-22 Introduced in House 2022-09-22T18:27:01Z Intergenerational Financial Obligations Reform Act

This bill requires the Congressional Budget Office, the Office of Management and Budget, and the Government Accountability Office to provide various reports that include a fiscal gap analysis and a generational accounting analysis.

Under the bill, the fiscal gap generally refers to the sum of (1) the total amount of Treasury liabilities outstanding on the last day of the budget year, and (2) the discounted present value of the projected difference between federal spending and revenues during the period of the budget year and at least the next 75 fiscal years (excluding spending for net interest and principal payments on Treasury liabilities).

A generational accounting analysis addresses the fiscal impact that projected federal spending and tax burdens will have on various generations of individuals.

]]> Intergenerational Financial Obligations Reform Act Official Title as Introduced To provide for fiscal gap and generational accounting analysis in the legislative process, the President's budget, and annual long-term fiscal outlook reports. Introduced in House IH Display Title Intergenerational Financial Obligations Reform Act Short Title(s) as Introduced Intergenerational Financial Obligations Reform Act Introduced in House IH Introduced in House 2021-09-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr5340ih/xml/BILLS-117hr5340ih.xml 2021-09-29 Sponsor introductory remarks on measure. (CR H5516) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.